FinCEN
National Small Business United v. Yellen, No. 5:22-cv-01448 (N.D. Ala.). Still have to Report!
We will provide a more in-depth analysis of this court case, but we wanted to let everyone know that while this court case does hold the Corporate Transparency Act (CTA) unconstitutional, it doesn’t enjoin FinCEN from enforcing the CTA, except as it relates to the plaintiffs (i.e. the people and organizations who brought this specific…
Read MoreFinCEN Seeks Comments on the Information to be Collected from Authorized Recipients Requesting Beneficial Ownership Information
Date: 1/29/2024 FinCEN Seeks Comments on the Information to be Collected from Authorized Recipients Requesting Beneficial Ownership Information The Financial Crimes Enforcement Network (FinCEN) is seeking comments on the information to be collected from certain authorized recipients requesting access to beneficial ownership information, consistent with the requirements of the final Access and Safeguards rule. The…
Read MoreFinCEN Announces Updates to Its FAQ
Date: 1/1/2024 FinCEN Updates Frequently Asked Questions on Beneficial Ownership Information The Financial Crimes Enforcement Network (FinCEN) has updated its Beneficial Ownership Information Frequently Asked Questions to include new information about reporting companies, beneficial owners, company applicants, reporting requirements, and reporting company exemptions, as well as updated information about FinCEN identifiers. FinCEN is now accepting…
Read MoreThe Risks of Failing to Report, Submitting an Erroneous Report, or Failing to Supplement BOIR
Without a doubt there will be those who choose to navigate BOI reporting on their own, and inevitably some of them are going to get it wrong. They never imagined they could be slapped with a hefty fine or, in the unluckiest circumstances, face serious jail time for simply making a mistake on a form…
Read MoreFinCEN Announces Registry is Now Open for Business!
Date: 1/1/2024 U.S. Beneficial Ownership Information Registry Now Accepting Reports Today, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) began accepting beneficial ownership information reports. The bipartisan Corporate Transparency Act, enacted in 2021 to curb illicit finance, requires many companies doing business in the United States to report information about the individuals…
Read MoreWho Can Access the Beneficial Ownership Information that FinCEN Maintains?
Now that I have registered my beneficial ownership information with FinCen, who can request to view it? On December 21, 2023 FinCen published the final rule elaborating on the Corporate Transparency Act’s purpose, access, and safeguards to information. The ostensible purpose of the Corporate Transparency Act is to protect national security and safeguard U.S. financial…
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